Tupperware, Food Container Pioneer, Files for Bankruptcy

Published On Sep 18, 2024, 4:21 AM

Tupperware Brands has filed for Chapter 11 bankruptcy due to years of declining sales and increasing competition, exacerbated by a failure to adapt its sales strategy to include online channels. The company has significant debts, amounting to $1.2 billion against $680 million in assets, and plans to restructure while seeking a potential sale. The financial challenges have been attributed to various factors including Covid-19 lockdowns, the war in Ukraine, and global supply chain issues. Tupperware's direct sales model is cited as a vulnerability going forward, despite the brand's longstanding recognition.